With an adult guiding the play as Quest Master, absolutely. For example, character health is measured with red chips. The Quest Master sets up the campaign level and gives the character the right number of chips. When the character gets hit, they lose one or two chips. When the chips run out, they lose (or die or get knocked down or whatever you feel comfortable with calling it). "Zero" and "Not zero" are easy concepts even at that age, as is giving up a small number chips. A child knows "I'm running out of these chips!" and can understand that healing gives you back some. A child understands that two spell tokens means they can cast a spell two times, though if very young, they might need prodding and guidance to play a wizard at higher levels, when there are spell choices to make ("Do you want to cast a fireball at the skeleton?"). But nobody has to count to high numbers, or compare two numbers to see which is higher, or subtract one number from another.
And because the monster artwork is clear and bold, players can always tell exactly what danger they're facing, without needing to read anything. The Quest Master reads all the room descriptions out loud, and the large map board makes it easy to visualize what's happening and where everyone is in the dungeon.